With the passage of the Paycheck Protection Flexibility Act of 2020, signed into law on June 5, 2020, as anticipated, the Small Business Administration (SBA), in consultation with Treasury, released a revised loan forgiveness application for the Paycheck Protection Program (PPP). The SBA also unveiled a new EZ application for forgiveness of PPP loans.
Click below to read an article from the Journal of Accountancy that provides links to the new PPP Loan forgiveness applications along with highlights of some of the pertinent changes.
The new applications and instructions do not clarify all outstanding questions about PPP Loan forgiveness, however, we believe there will be ongoing updates and clarifications to be released. As information becomes available, we will continue to update our clients.
